One of the World’s Largest Oil and Gas Producers Adds Additional 1.6 MWs of Capstone Long-Term Microturbine Rentals on Top ...
22 October 2018 - 11:30PM
Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:
CPST), the world’s leading clean technology manufacturer of
microturbine energy systems, announced today it continues to expand
into the Permian Basin with another 1.6 megawatts (MW) of
long-term microturbine rentals on top of the initial 2.0 MWs rented
just a week earlier. All 3.6 MWs are being rented by one of the
world’s largest oil and gas producers. Both long-term rentals were
secured by Capstone’s new distribution partner, Lone Star Power
Solutions. The first two units were delivered and are in the
process of being commissioned, while the next two C800
microturbines are expected to be delivered and commissioned in
November.
The Permian Basin is widely considered one of the most abundant
oil and natural gas regions in the United States and reportedly
holds a number of large crude oil fields including more than 20 of
the nation’s top 100 oil fields. Capstone is focused on securing
additional long term rentals in the Permian Basin to drive market
awareness and the company’s target of sustained double digit
growth.
“These long-term 3.6 MW microturbine rentals are a significant
opportunity for us as this is our first transaction with this major
oil and gas company in the Permian,” said Darren Jamison,
Capstone’s President and Chief Executive Officer. “Rentals are key
as the recurring revenue stream they generate will improve our
expense absorption and gross margin, and help us reach our
profitability goals,” concluded Mr. Jamison.
The oil and gas company sought a flexible and scalable energy
solution that could be quickly and easily deployed within 45 days
and increase power capacity and accommodate the growing energy
needs of its installations. Capstone microturbines are reliable,
modular, inherently redundant by design and can be easily expanded
or relocated to accommodate changes in customer’s future site
loads.
Natural gas generators are gaining popularity in the rental
market due to their lower emission profile compared to the high
environmental impact of diesel rental generators. Capstone
microturbines are recognized as the low emission leader in the
stationary power space.
“It is great to see yet another win for one of our newest
distribution partners as they capitalize on the flexibility of our
C1000 Signature Series product,” said Jim Crouse, Capstone’s
Executive Vice President of Sales and Marketing. “With today’s high
oil prices, we continue to see expanding opportunities in the North
American energy market as customer activity picks up and they
continue to find value in our compact, quiet, and reliable
microturbines,” added Mr. Crouse.
About Capstone Turbine Corporation
Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:
CPST) is the world’s leading producer of low-emission microturbine
systems and was the first to market commercially viable
microturbine energy products. Capstone has shipped over 9,000
Capstone Microturbine systems to customers worldwide. These
award-winning systems have logged millions of documented runtime
operating hours. Capstone is a member of the U.S.
Environmental Protection Agency’s Combined Heat and Power
Partnership, which is committed to improving the efficiency of the
nation's energy infrastructure and reducing emissions of pollutants
and greenhouse gases. A DQS-Certified ISO 9001:2015 and ISO
14001:2015 certified company, Capstone is headquartered in
the Los Angeles area with sales and/or service centers in
the United States, Latin America, Europe, Middle East and
Asia.
For more information about the company, please visit
www.capstoneturbine.com. Follow Capstone Turbine on Twitter,
LinkedIn and YouTube.
Forward-Looking Statements
This press release contains “forward-looking statements,” as
that term is used in the federal securities laws. Forward-looking
statements may be identified by words such as “expects,”
“believes,” “objective,” “intend,” “targeted,” “plan” and similar
phrases. These forward-looking statements are subject to numerous
assumptions, risks and uncertainties described in Capstone’s
filings with the Securities and Exchange Commission that may cause
Capstone’s actual results to be materially different from any
future results expressed or implied in such statements. Capstone
cautions readers not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
release. Capstone undertakes no obligation, and specifically
disclaims any obligation, to release any revisions to any
forward-looking statements to reflect events or circumstances after
the date of this release or to reflect the occurrence of
unanticipated events.
“Capstone” and “Capstone Microturbine” are registered trademarks
of Capstone Turbine Corporation. All other trademarks
mentioned are the property of their respective owners.
CONTACT: Capstone Turbine CorporationInvestor
and investment media
inquiries:818-407-3628ir@capstoneturbine.com
Integra Investor RelationsShawn M.
Severson415-226-7747cpst@integra-ir.com
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/b59073cd-8444-46ee-a6f4-53326d22799d
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